The Idaho State Board of Education officially approved Boise State head coach Chris Petersen’s new five-year contract today, voting unanimously in support of a giant raise for the revered coach.
The contract was announced back in January, but details on the new five-year, $8 million deal were kept under wraps. Petersen will earn $1.2 million in salary for the 2010 season, as well as receive a $200,000 bonus if he’s still coaching the Broncos on February 1, 2011.
The contract also works in $50,000 salary increases and automatic one-year extensions every year that Boise State wins eight regular season games, something that the Broncos have done for 11 straight seasons.
Peterson’s contract has a buyout of $650,000 and runs through January 2015.